A savvy trader, known by the address 0x880, has generated over $8.3 million in profits trading perpetual contracts on the decentralized exchange Hyperliquid.
The trader’s success stems from $5.3 million in profits from derivatives trading and an additional $3 million earned through funding fees.
The trader’s strategy includes shorting popular tokens such as $SOL, $ETH, $BTC, $LINK, $XRP, $WIF, and $LTC, while taking long positions on $DOGE and $SUI. This diverse approach has proven highly effective in capturing market opportunities.
In the past 24 hours, 0x880 bridged an additional 3.7 million $USDC to Hyperliquid, signaling intentions to continue trading perpetual contracts on the platform.
Meanwhile, Hyperliquid’s native token, $HYPE, has rapidly gained traction since its launch less than a month ago. The token has surged from its listing price of $3.81 to an all-time high (ATH) of $34.29, pushing its market capitalization to an impressive $9.2 billion.
Hyperliquid has also seen explosive growth in user activity and platform metrics:
– Total users: 320,000 (compared to Binance’s 28 million)
– Total trading volume: $550 billion
– Total deposits: $12 billion
– Total withdrawals: $9 billion
With significant profits being made by skilled traders and a rapidly expanding ecosystem, Hyperliquid is quickly establishing itself as a major player in the decentralized trading space. As the platform continues to attract both retail and institutional investors, it’s clear that opportunities for profit remain abundant.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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